Honda Siel, Axis Bank ink vehicle finance JV

Car maker Honda Siel Cars India today said it has entered into a Memorandum of Understanding with private lender Axis Bank for vehicle finance.

Under the agreement, Axis Bank has become one of the preferred channel financiers of Honda Siel Cars India (HSCI), the car maker said in a statement.

"With this tie-up, Honda Siel and Axis Bank have agreed to pool their resources together to make accessible organised finance at competitive rates to our dealers and customers across the country for purchase of Honda cars," HSCI Director (Marketing) T Natsume said.

Axis Bank has approved a line of credit for financing the dealers of Honda Siel on their vehicle stock along with retail financing of auto loans.

Commenting on the pact, Axis Bank Executive Director (Retail Banking, SME and Agri), S K Chakrabarti said, "This agreement will further give us the opportunity to provide our customers more value added services at competitive rates and expose them to our various offerings. This partnership with Honda Siel will benefit the Honda Siel dealers’ network as well as the retail auto loan customers."

Axis Bank has 938 branches across 583 cities spread across the country.